Santander Cash Tenders

[ResourceOgre]

From today's FT, as snapshotted here:https://archive.is/Kiy9I

The offer details are available here: https://deals.is.kroll.com/santander

Five different securities are involved;

Excerpt from the FT Article:

"Santander UK Group Holdings plc and Santander UK plc announce cash tender offers for five series of Securities

LONDON , March 6, 2023 /PRNewswire/ -- Santander UK Group Holdings plc ("Santander Holdings") announces the launch of offers to purchase for cash any and all of its outstanding: (i) 4.750% Dated Subordinated Notes due 2025; and (ii) 5.625% Dated Subordinated Notes due 2045 (together, the "Santander Holdings Securities", and such tender offers, the "Santander Holdings Any and All Offers").

Santander UK plc ("Santander" and, together with Santander Holdings, the "Offerors" and each an "Offeror") announces the launch of offers to purchase for cash any and all of its outstanding: (i) 7.95% Term Subordinated Securities due 2029 (the "2029 Notes" and, together with the Santander Holdings Securities, the "USD Securities"); (ii) 6.50% Subordinated Notes due 2030 (the "2030 Notes"); and (iii) 30 Year Step-Up Perpetual Callable Subordinated Notes (the "Perpetual Notes" and, together with the 2030 Notes, the "GBP Securities" and, together with the USD Securities, the "Securities," and such offers, the "Santander Any and All Offers" and, together with the Santander Holdings Any and All Offers, the "Any and All Offers")."

So what do we think, accept or decline .... what happens if declined?